WHEREAS,
Presidential Decree No. 76 classifies real property for purposes of the
real property tax into commercial, industrial, mineral, agricultural
and residential;chanroblesvirtualawlibrary
WHEREAS, there are other kinds of real property, such as educational,
cultural, scientific, recreational, and so forth, which by their nature
and use, do not fall squarely under any of the above-mentioned
classifications; and
WHEREAS, the latter should be considered as special classes with
corresponding assessment levels. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, do hereby
decree an other that:cralaw:red
1. All land, buildings and other improvements thereon
actually, directly and exclusively used by the owners thereof for
educational, cultural or scientific purposes shall be classified as
such and subject to the payment of the basic real property tax. Such
properties shall be exempt from the payment of the additional one per
centum tax under Republic Act No. 5447; Provided, however, That such
properties located within Metropolitan Manila shall be subject to the
additional real property tax of one-eight of one per centum, of the
assessed value, the proceeds of which shall accrue to the Greater
Manila Metropolitan Area Flood Control and Drainage Fund Account
created under Presidential Decree No. 18.
2. The assessed valuation of the properties referred
to in paragraph one hereof, which shall be the basis for the payment of
real property tax beginning with the calendar year 1974, shall be
fifteen per centum of their current and fair market value as determined
by the assessor: chanroblesvirtualawlibrary
3. Education Foundations organized under Republic Act
No. 6055, shall be exempt from the payment of the taxes mentioned in
paragraph one hereof.
4. The classification "educational" shall apply only
to educational institutions offering courses duly authorized and/or
recognized by the government.
5. Land, building and other improvement thereon
actually, directly and exclusively used by the owner thereof purely for
recreational purposes and not for business or in connection therewith
shall be considered also as special class with an assessment level of
thirty per centum and subject to the payment of the basic and the
additional real property taxes under Republic Act No. 5447 and
Presidential Decree No. 18.
6. Subsequent general revisions of assessments of
these special classes of real property shall be governed by
Presidential Decree No. 76.
7. This Decree shall form part of the laws of the
land and shall take effect immediately. All laws, orders, rules and
regulations which are inconsistent within this Decree are hereby
repealed or modified accordingly. chanroblesvirtualawlibrary
Done in the City of Manila,
this 2nd day of August, in the year of Our Lord, nineteen hundred and
seventy-three.
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